In a groundbreaking move for the NFT ecosystem, the RARI Foundation has unveiled the mainnet of RARI Chain, an Ethereum Layer 3 blockchain operating on Arbitrum. This development aims to address critical issues in the NFT space, including scalability challenges and fair compensation for creators, ushering in a new era for NFTs.
The RARI Chain is LIVE on mainnet 🚀 We can't wait to see which new ideas and projects will be built on the chain that embeds royalties at the node level. https://t.co/t0V87YsOcU
— RARI Foundation (@rarifoundation) January 24, 2024
Scalability Solutions with RARI Chain
The rapid growth of the NFT sector has brought forth challenges, notably scalability and the need for equitable compensation for creators. In response to these issues, the RARI Foundation has introduced RARI Chain, a purpose-built blockchain leveraging Arbitrum’s technology. This Ethereum Layer 3 blockchain incorporates customizable rules and independent governance mechanisms to provide a scalable platform tailored to the unique needs of NFTs.
RARI Chain is developed using Caldera and an Orbit chain, integrating the Arbitrum Nitro tech stack to ensure optimal performance and efficiency.
RARI Chain: Empowering Creators through Embedded Royalties
A significant hurdle faced by NFT creators in 2023 was the loss of royalties, impacting their potential earnings. RARI Chain addresses this challenge by embedding royalty payments at the node level. This innovative feature guarantees that creators receive fair compensation automatically at the time of sale, revitalizing the economic model for NFT creators.
The launch of RARI Chain mainnet turns our vision of creating an NFT-specific, creator-focused chain into a reality. We’re excited to provide a platform for innovation and new NFT use cases, welcoming a new wave of projects by offering a decentralized infrastructure tool to the web3 community. Jana Bertram, Head of Strategy at RARI Foundation, expressed enthusiasm about the mainnet launch
The governance of RARI Chain will be overseen by RARI DAO, where $RARI token holders actively participate in decision-making, ensuring a democratic and community-driven approach to network updates.
RARI Chain: Supporting Innovation and Major Partnerships
To foster innovation within the NFT ecosystem, RARI Chain plans to establish a grants fund for projects developing NFT applications. This initiative will provide financial resources to promising projects, fostering creativity and expanding the boundaries of what is possible in the NFT space. Additionally, there are discussions about creating a Creator Fund to allocate part of the network’s proceeds to support NFT creators.
Major partnerships with Rarible, LayerZero, Celestia, and Thirdweb highlight the collaborative effort to integrate RARI Chain into the broader NFT landscape. Rarible, a key partner, aims to facilitate asset transfers and purchases through this new chain, with future plans including credit card payment options and gas-free transactions.
RARI Chain makes it impossible to circumvent this value. Code is law, and you can know with confidence that your royalties are guaranteed if your marketplace is deployed on RARI Chain. Alex Salnikov, Co-founder and Chief Strategy Officer at Rarible, emphasized the importance of royalties in the NFT space
Celebrating Mainnet Launch with “TEN by RARI” Event
In celebration of the RARI Chain mainnet launch, a CryptoArt event titled ‘TEN by RARI’ is scheduled from January 29 to February 9. This event features ten international digital artists showcasing their unique works on the Rari Chain platform. The event promises seamless bridging, low gas fees, and the opportunity for participants to earn ‘Galxe Quest’ points while collecting art from Web3 creators.
RARI Chain: Impressive Mainnet Launch Activity
Within 24 hours of the RARI Chain mainnet launch, the RARI Foundation gained over 30,000 new members, demonstrating strong support for the platform’s vision of empowering Web3 creators, collectors, and developers. The mainnet launch follows a successful testnet phase, where RARI Chain engaged with 46,000 wallets and executed over 250,000 transactions, highlighting its potential impact on the NFT ecosystem.
As each NFT drop on RARI Chain is set to roll out shortly, the platform’s commitment to nurturing artists and advancing the NFT ecosystem signifies a new frontier at the intersection of CryptoArt and blockchain innovation.
Stay tuned for further developments in the evolving landscape of RARI Chain and its contributions to the NFT creator economy.